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posted by Fnord666 on Friday June 11, @01:04AM   Printer-friendly
from the sharp-pointy-lines dept.

GameStop stock falls sharply amid 5M-share sales plan, SEC investigation:

GameStop's quarterly earnings report, released last night, contained relatively good news for the embattled retailer, including a smaller-than-expected operating loss and the company's first year-over-year increase in quarterly revenues in years. But GameStop's heavily inflated stock price is down significantly in morning trading on news that the company plans to sell more shares and the announcement that it is cooperating with a Securities and Exchange Commission investigation into the "meme stock" phenomenon.

In what CEO George Sherman called a "strong start to the year," GameStop's net sales were up over 25 percent to $1.3 billion in the fiscal quarter ending on April 30. That's despite "a roughly 12 percent reduction in the global store fleet due to our strategic de-densification efforts and the continued store closures in Europe during the quarter due to the COVID-19 pandemic."

GameStop (The Stock) and GameStop (The Retailer) Continue to be Worlds Apart
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The Complete Moron's Guide to GameStop's Stock Roller Coaster

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  • (Score: 5, Interesting) by Revek on Friday June 11, @12:58PM (1 child)

    by Revek (5022) on Friday June 11, @12:58PM (#1144232)

    You miss the point. Radio Shack, Sears and Toys-R-us would still be here if not for the less than legal tactics of the hedge funds. What they were doing was using illegal market tactics to run them out of business. The penalty for their illegal tactics was a pitiful fine. The SEC just fined them and got a small cut of their profits. You are hyper focused on own experiences with games and miss the larger picture. I didn't like gamestop very much and have never shopped there but I did like going to radio shack every now and then. I did take my kids to Toys r us. Those companies are just the tip of the iceberg when it comes to the lives those psychos that run the hedge funds have ruined. All so they could make tax free billions.

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  • (Score: 2) by bzipitidoo on Friday June 11, @05:14PM

    by bzipitidoo (4388) Subscriber Badge on Friday June 11, @05:14PM (#1144301) Journal

    Ah, didn't know hedge funds were behind those. Toy-R-Us I know was different, yes. Another toy store that was destroyed was Kay-Bee. I got the impression that one was that some rich boys wanted to play around at managing a business, acquired Kay-Bee, and through incompetence and carelessness ran it into the ground. One of the highest profile cases was the demise and resurrection of the Hostess Twinkie.

    A term I've heard for this, in relation to smaller nations trapped with huge amounts of foreign debt, is "vulture capitalism". Inflict massive austerity and runaway inflation on the victim nations, drive them into default, so that hedge funds can make huge profits off the interest and panic selling of bonds.